Examines the institutional setting within which the agri-food sector operates, as well as the drivers that affect this setting. Attention is paid to macro and micro factors that affect the demand for food and bio-based products, the changing nature of production, and long-term trends in productivity, prices, employment and trade. The course examines the manner in which firms and households make decisions about technology adoption, consumption, diversification, and R&D expenditures and the role of government policy. Furthermore, the course examines the role of institutions (e.g., laws, contracts, social norms, markets) that govern decision-making; the social, legal, political and economic factors that affect these institutions; as well as the implications for the agri-food sector of decisions made.